Removing Barriers Blog

Repealing Durbin Amendment Top Priority of Emerging Payments Coalition (EPC)
Posted June 23, 2016 by CUNA Advocacy

For the last two weeks, CUNA Advocacy members have joined the Electronics Payment Coalition (EPC) in over 20 meetings on Capitol Hill to discuss repeal of the Durbin Amendment.  EPC is a coalition of payment system stakeholders, including depository institutions and card issuers.  

CUNA has provided crucial depository institution perspectives into these discussions, which are often complex. While we support a well-regulated payment system, the Durbin Amendment did not serve any traditional regulatory purpose—it simply enshrined into law a “permanent” economic benefit for merchants.  This has clearly resulted in an economic benefit that merchants have kept for themselves and not returned to their consumers!   

Therefore, we have been supporting two legislative efforts to simply repeal the Durbin Amendment, most notably H.R. 5465, a bill introduced by Rep. Randy Neugebauer (R-TX). We also support the inclusion of Durbin repeal in the Financial CHOICE Act, a Dodd-Frank reform package introduced by Financial Services Committee Chairman Jeb Hensarling.